Iowa Code > Chapter 537 – Consumer Credit Code
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code > Chapter 537 - Consumer Credit Code
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Actuarial method: means the method of allocating payments made on a debt between the amount financed and the finance charge, pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed. See Iowa Code 537.1301
- Actuary: means a person who is a member in good standing of the American academy of actuaries. See Iowa Code 510.1B
- Administrator: means the administrator designated in section 537. See Iowa Code 537.1301
- Advertisement: means the attempt by dissemination, solicitation, or circulation to directly or indirectly induce any person to enter into any obligation or acquire any title or interest in land offered for sale or lease to the public in this state. See Iowa Code 543C.1
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Agreement: means the oral or written bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance. See Iowa Code 537.1301
- Amount financed: means :a. See Iowa Code 537.1301
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Arrest: Taking physical custody of a person by lawful authority.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Billing cycle: means the time interval between periodic billing statement dates. See Iowa Code 537.1301
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Card issuer: means a person who issues a credit card. See Iowa Code 537.1301
- Cardholder: means a person to whom a credit card is issued or who has agreed with the card issuer to pay obligations arising from the issuance or use of the card to or by another person. See Iowa Code 537.1301
- Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
- clerk: means clerk of the court in which the action or proceeding is brought or is pending; and the words "clerk's office" mean the office of that clerk. See Iowa Code 4.1
- Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
- Consumer credit transaction: means a consumer credit sale or consumer loan, or a refinancing or consolidation thereof, or a consumer lease, or a consumer rental purchase agreement. See Iowa Code 537.1301
- consumer loan: is a loan in which all of the following are applicable:
(1) The person is regularly engaged in the business of making loans. See Iowa Code 537.1301- Contract: means the same as defined in section 554D. See Iowa Code 554E.1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Credit: means the right granted by a person extending credit to a person to defer payment of debt, to incur debt and defer its payment, or to purchase property or services and defer payment therefor. See Iowa Code 537.1301
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Credit card: means a card or device issued under an arrangement pursuant to which a card issuer gives a cardholder the privilege of purchasing or leasing property or purchasing services, obtaining loans, or otherwise obtaining credit from the card issuer or other persons. See Iowa Code 537.1301
- Credit union service organization: means an organization, corporation, or association whose membership or ownership is primarily confined or restricted to credit unions or organizations of credit unions and whose purpose is primarily designed to provide services to credit unions, organizations of credit unions, or credit union members. See Iowa Code 537.1301
- Creditor: means the person who grants credit in a consumer credit transaction or, except as otherwise provided, an assignee of a creditor's right to payment, but use of the term does not in itself impose on an assignee any obligation of the assignee's assignor. See Iowa Code 537.1301
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Debt: means an actual or alleged obligation arising out of a consumer credit transaction, consumer rental purchase agreement, or a transaction which would have been a consumer credit transaction either if a finance charge was made, if the obligation was not payable in installments, if a lease was for a term of four months or less, or if a lease was of an interest in land. See Iowa Code 537.7102
- Debt collection: means an action, conduct or practice in soliciting debts for collection or in the collection or attempted collection of a debt. See Iowa Code 537.7102
- Debt collector: means a person engaging, directly or indirectly, in debt collection, whether for the person, the person's employer, or others, and includes a person who sells, or offers to sell, forms represented to be a collection system, device, or scheme, intended to be used to collect debts. See Iowa Code 537.7102
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Deposit account: means the same as defined in section 554. See Iowa Code 554E.1
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Earnings: means compensation paid or payable to an individual or for the individual's account for personal services rendered or to be rendered by the individual, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension, retirement or disability program. See Iowa Code 537.1301
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- finance charge: means the sum of all charges payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or as a condition of the extension of credit, including any of the following types of charges which are applicable:
(1) Interest or any amount payable under a point, discount, or other system of charges, however denominated, except that with respect to a consumer credit sale of goods or services a cash discount of five percent or less of the stated price of goods or services which is offered to the consumer for payment by cash, check or the like either immediately or within a period of time, is not part of the finance charge for the purpose of determining maximum charges pursuant to section 537. See Iowa Code 537.1301- Financial institution: means and includes any bank incorporated under the provisions of any state or federal law, any savings and loan association or savings bank incorporated under the provisions of state or federal law, or any credit union organized under the provisions of any state or federal law. See Iowa Code 537.1301
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Forbearance: A means of handling a delinquent loan. A
- Fraud: Intentional deception resulting in injury to another.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Goods: includes , but is not limited to:
(1) "Goods" as described in section 554. See Iowa Code 537.1301- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Insurance premium loan: means a consumer loan that is made for the sole purpose of financing the payment by or on behalf of an insured of the premium on one or more policies or contracts issued by or on behalf of an insurer, is secured by an assignment by the insured to the lender of the unearned premium on the policy or contract, and contains an authorization to cancel the policy or contract financed. See Iowa Code 537.1301
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- item: includes any form of authorization or order for withdrawal of funds from an account such as a check, automated teller machine card, debit card, automated clearinghouse, or other means. See Iowa Code 537.1301
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lender: means a person who makes a loan or, except as otherwise provided in this chapter, a person who takes an assignment of a lender's right to payment, but use of the term does not in itself impose on an assignee any obligation of the lender. See Iowa Code 537.1301
- Lender credit card: means a credit card issued by a lender. See Iowa Code 537.1301
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- License: includes the authorization, of whatever form, to engage in the conduct regulated under those chapters. See Iowa Code 537.2301
- licensee: includes any person subject to regulation by a licensing authority. See Iowa Code 537.2301
- licensing authority: means the agency designated in chapter 524, 533, 536, or 536A to issue licenses or otherwise authorize the conduct of business pursuant to the respective chapter or this chapter, and "licensee" includes any person subject to regulation by a licensing authority. See Iowa Code 537.2301
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lineal descendant: Direct descendant of the same ancestors.
- Loan: means any of the following, except as provided in paragraph "b":
(1) The creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third person for the account of the debtor. See Iowa Code 537.1301- Merchandise certificate: means a writing not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. See Iowa Code 537.1301
- Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. Source: Federal Reserve
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Official fees: means :
a. See Iowa Code 537.1301- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Open-end credit: means an arrangement, other than a consumer rental purchase agreement, pursuant to which all of the following are applicable:
a. See Iowa Code 537.1301- Organization: means a corporation, government or governmental subdivision or agency, trust, estate, cooperative, or association. See Iowa Code 537.1301
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Payable in installments: means that payment is required or permitted by agreement to be made in more than four periodic payments, excluding a down payment. See Iowa Code 537.1301
- Person: means :
a. See Iowa Code 537.1301- personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
- Personal property: All property that is not real property.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- precomputed consumer credit transaction: is a consumer credit transaction, other than a consumer lease or a consumer rental purchase agreement, in which the debt is a sum comprising the amount financed and the amount of the finance charge computed in advance. See Iowa Code 537.1301
- Probable cause: A reasonable ground for belief that the offender violated a specific law.
- property: includes personal and real property. See Iowa Code 4.1
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Record: means the same as defined in section 554D. See Iowa Code 554E.1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Remand: When an appellate court sends a case back to a lower court for further proceedings.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Rule: includes "regulation". See Iowa Code 4.1
- Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
- Sale of an interest in land: includes , but is not limited to, a lease in which the lessee has an option to purchase the interest, by which all or a substantial part of the rental or other payments previously made by the lessee are applied to the purchase price. See Iowa Code 537.1301
- Sale of goods: includes , but is not limited to, any agreement in the form of a bailment or lease of goods if the bailee or lessee pays or agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the goods involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the goods upon full compliance with the terms of the agreement. See Iowa Code 537.1301
- Seller: means a person who makes a sale or, except as otherwise provided in this chapter, a person who takes an assignment of the seller's right to payment, but use of the term does not in itself impose on an assignee any obligation of the seller. See Iowa Code 537.1301
- Seller credit card: means either of the following:
a. See Iowa Code 537.1301- Service of process: The service of writs or summonses to the appropriate party.
- Services: includes , but is not limited to:
a. See Iowa Code 537.1301- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Supervised loan: means a consumer loan, including a loan made pursuant to open-end credit, in which the rate of the finance charge, calculated according to the actuarial method, exceeds the rate of finance charge permitted in chapter 535. See Iowa Code 537.1301
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Threshold amount: means the threshold amount, as determined by 12 C. See Iowa Code 537.1301
- Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
- Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
- Trustee: A person or institution holding and administering property in trust.
- Truth in Lending Act: means Tit. See Iowa Code 537.1302
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- undertaking: means a promise or security in any form. See Iowa Code 4.1
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- United States: includes all the states. See Iowa Code 4.1
- Venue: The geographical location in which a case is tried.
- week: means seven consecutive days. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1